Missing amounts from balance sheet and income statement dataOne item is omitted im each of the following summaries of balance sheet and income statement data for the following four different corporations:Detremine the missing amounts, identifying them by letter.( Hint:first determine the amount of increase or decrease in stockholder's equity during the year.) Freeman HeywardJonesRamireBeginning of the year:$ 90,000 $490,000 $115,000AssetsLiabities360,000260,00081,000$120,000End of the year.Assets1,260,000330,000100,000 270,00080,000 136,000675,000Liabilities220,000During the year:Additional common stock issuedA150,00010,00055,00039,000Dividends75,00032,000RevenueЕxpenses570,000115,000 115,000240,000128,000122,500128,000

Equity is calculated as difference between assets and liabilities.

Freeman Heyward Jones Ramire Beginning of the year: $ 90,000 $490,000 $115,000 Assets Liabities 360,000 260,000 81,000 $120,000 End of the year. Assets 1,260,000 330,000 100,000 270,000 80,000 136,000 675,000 Liabilities 220,000 During the year: Additional common stock issued A 150,000 10,000 55,000 39,000 Dividends 75,000 32,000 Revenue Еxpenses 570,000 115,000 115,000 240,000 128,000 122,500 128,000

Freeman Heyward Jones Ramire Beginning of the year: $ 90,000 $490,000 $115,000 Assets Liabities 360,000 260,000 81,000 $120,000 End of the year. Assets 1,260,000 330,000 100,000 270,000 80,000 136,000 675,000 Liabilities 220,000 During the year: Additional common stock issued A 150,000 10,000 55,000 39,000 Dividends 75,000 32,000 Revenue Еxpenses 570,000 115,000 115,000 240,000 128,000 122,500 128,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 17E

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